In the long run, firms try to decide which combination of technology, capital, labor and other resources they should use in order to Group of answer choices maximize the use of labor. maximize the use of capital. maximize the use of new technology. minimize cost and maximize profit.

Q: A firm's inventory is the orders for goods that have yet to be produced. True Or False

A: Inventories are goods that have been produced but not yet sold. They include goods on store shelves,…

Q: What occurs when the cost of producing a range of products is lower than the cost of producing each…

A: The process that depicts an increase in the production of services and goods in an economy during a…

Q: Marginal product will eventually go down because of  the law of diminishing marginal utility.  the…

A: The marginal product of a factor input is the additional output that is generated when an…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: A company is considering replacing an old machine with a new machine that will cost $75,000. It will…

A: Based on the present worth analysis, a machine is economically justified if it has a larger present…

Q: 3. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles.…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech…

A: The perfectly competitive is the type of firm where there are large number of buyers and sellers.…

Q: Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does…

A: Explicit Costs are the actual monetary payments made in cash while conducting the business…

Q: 8-9. A recent college graduate has received the annual salaries shown in the following table over…

A: In economics the consumer price index (CPI) helps the economists to measure inflation. It determines…

Q: Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a…

A: We need to calculate average variable cost, marginal cost and average total cost to answer these…

Q: Decreasing marginal returns occur in the short run as more labor is hired to work in fixed sized…

A: As more and more labors are hired, the marginal returns starts to fall.

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: Short run average cost curve is the per unit cost of production in the short run. In the short run,…

Q: onsider the production process for a Vending Machine Service. Identify the fixed costs associated…

A: Small business can be described as a partnership, privately-owned company, or sole proprietorship…

Q: A 1 L (Labor) 2 3 4 5 6 7 8 9 10 11 12 13 14 15 C D Q (Total Product) MP (Marginal Product) AP…

A: Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Q: Why might a business hire an entrepreneur to meet their organizational goals?

A: The objective of the question is to understand the reasons why a business might hire an entrepreneur…

Q: What is the average time per unit required to complete the first 3 units of a production process if…

A: Time for first hour=100 hours Slope parameter=85% Tn=T1*nb

Q: The most efficient scale of production is where at which point?

A: According to the given question In simple words we can say that scale of production basically or…

Q: Question 23.23  The long run is a period of time, or a time frame, in which         all resources…

A: In micro economics, the determination of output and price depends upon the time period under…

Q: X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5…

A: Total cost is minimized when (MPx / Px) = (MPy / Py) Here, MPx / Px = 30/5 = 6 MPy / Py = 20 / 4 = 5…

Q: 8-6. Annual expenses for two alternatives have been estimated on different bases as follows: End of…

A: Negative cash flow is when your business has greater outgoing than incoming cash. You cannot cover…

Q: What happens to marginal cost if a business's average total cost is decreasing? Marginal cost must…

A: Marginal cost (MC) is the change in total cost when one more unit of a good is produced.Average…

Q: If we have information about workers’ marginal products, then total and average product can be found…

A: Summing the marginal values will give total product.

Q: What are some factors of production which are important for any firm to produce goods. These factors…

A: Factors of production are one of the requirements that would lead to the good or service, in the…

Q: Costs

A: The amount pay to buy something ie good or service or the expense which is paid to have something .…

Q: The short run is a time period that is A) long enough to change the size of the firm's plant. B) too…

A: Time period refers to the amount of time required for a factor to change. Time period influences the…

Q: Evaluate the factors affecting firm behavior, such as production and costs

A: The allocation of resources in economics is determined by economic profit which relies on how much…

Q: te a topic on economies of scale, economies of scope, or learning curves.

A: Economy scale refers to changes within prices per unit because the range of units is multiplied. A…

Q: Increased competition is good for incentivizing innovation. Explain the arguments for and against…

A: The relationship between competition and innovation is a topic of ongoing debate in economics and…

Q: Suppose that you want to open a new business or purchase an existing one. Describe that business.…

A: In general, a business refers to an organization or entity engaged in commercial, industrial, or…

Q: Multiple choices    One reason why in the short run, the marginal product of labor might increase…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: What are different types of costs involved in production of goods and services? Analyze the…

A: Fixed expenses, variable costs, and the total cost of production make up the cost of production. The…

Q: In at least two paragraphs, tell the class what you've learned in Business 101  and how this will…

A: Making a living or earning money via the production, purchase, and sale of items is known as…